Fill in the blanks. (i) The discount is reckoned on the ____ price.

1.	Fill in the blanks. (i) The discount is reckoned on the ____ price. (ii) Gain or loss is always reckoned on the ______ (iii) SP = (Marked price) - (_____) (iv) VAT is charged on the _______ of the article.
Answer» (i) Marked Selling Price = Marked Price - Discount (ii) Cost price If seller sells any item greater than Cost Price, it is said to have a Gain. Gain = SP - CP If seller sells any item less than Cost Price, it is said to have a Loss. Loss = CP – SP (iii) Discount SP is the amount that we pay for an article when purchased. Marked Price is the price that is without any discount. Discount is amount which we get as a rebate for purchasing the article. (iv) Selling price VAT is always charged on the Selling Price of an article and not on the MRP.

Fill in the blanks. (i) The discount is reckoned on the price. (ii) Gain or loss is always reckoned on the (iii) SP = (Marked price) - (_) (iv) VAT is charged on the _____ of the article.

Answer»

(i) Marked

Selling Price = Marked Price - Discount

(ii) Cost price

If seller sells any item greater than Cost Price, it is said to have a Gain.

Gain = SP - CP

If seller sells any item less than Cost Price, it is said to have a Loss.

Loss = CP – SP

(iii) Discount

SP is the amount that we pay for an article when purchased.

Marked Price is the price that is without any discount.

Discount is amount which we get as a rebate for purchasing the article.

(iv) Selling price

VAT is always charged on the Selling Price of an article and not on the MRP.